A large institutional investor has made the claim that the entire Bitcoin network could be worth over six trillion dollars a day
Bitcoin replaces Gold
John Pfeffer, partner at Pepper Capital in the UK, said at an investment conference in New York that the Kryptowährung could replace gold. He also made the bullish assertion that Bitcoin could be worth 700,000 dollars.
"Bitcoin is the first viable candidate to replace gold..." So if Bitcoin becomes a dominant, non-sovereign asset, it could be the new gold or the new reserve currency. "
In his opinion, most other Kryptowährungen on the market are only bad options. His statement comes naturally in a phase in which the market has an increasing interest of hedge fund investors and traditional investors. Bitcoin currently has a value of $8,831, with a market capitalization of $150.1 billion.
However, Pepper believes that the entire Bitcoin network has the potential to rise to 6.4 trillion dollars if it supplants 25 percent of the forex. In order to substantiate his statements, Pepper donated 10 Bitcoins to the Son Foundation, with the requirement that the coins should not be redeemed for five years, and added:
"Buy the ticket, take the ride".
Even though he emphasized that the Kryptowährungsmarkt is still associated with risks, the value associated with it is more than just a pure value storage medium, as opposed to gold. Pepper is not the only one who positively reports about Bitcoin in public.
Earlier this week, Tim Draper claimed that bitcoin was bigger than Tesla, Skype, and Hotmail, after he was asked if he could compare Bitcoin to his traditional investments. As a longtime proponent of bitcoin, Draper said during the intelligence squared U.S. debate that BTC is larger than the Internet. " He added that the digital currency will ultimately win the "long-term crypto battle".
Tom Lee of Fundstrat, who would rather put "fresh money" in bitcoin than in bitcoin cash, claims that the Kryptowährung will reach $25,000 and 2022 55,000 $ by the end of the year.
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